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To help you I provide alternative financing for all small and medium businesses. Contact me at 347 223 1434 or email me at vernel87@yahoo.com so we can discuss these issues in detail.

Here is what you need to do 1st.

Conduct a survey among your employees and determine that if you started a plan would they put away their own money and if so, how much (% or $ per pay period).

Then your employees will ask, will you match?, from your post it appears you wont but there are ways to help employees see past that--such as tax credits and such.

A simple plan is really not that simple, contributions are sometimes a pain and you must have it for atleast two years plus you have to match, where as the 401k has a start up cost and annual costs, but there are tax credits to help for the 1st few years of the plan; plus the money is qualified meaning almost bullet proof from creditors. Either one can be done pretty easily.

Just find out what your employees want.

You may just ask them if they want a bonus instead?

If you want to explore further, email me at aaron@fusion401k.com or post for more. Good luck.

Hi Roma,

The Simple IRA requires a match, so forget about it. I setup inexpensive 401k plans all of the time for businesses like yours, and no you don't have to give a match. You can offer one in the future if the company is more profitable. Call me at 800-241-7258 ext. 1074 to discuss further or e-mail me direct at greg.albright@ubs.com

Greg